It’s not all bad news though. In my opinion, short of announcing Nationalization, the speech was about as bad as it could possibly get. That may have marked a bottom in the Financials, at least for the short term. I bought a little more that day, though I bought too early in the day and missed the subsequent lows reached after the speech.

Here are a couple of great articles on the Geithner Debacle from CNBC:

• Geithner’s Flop, Obama’s Fault, by Dennis Kneale
• Is Tim Geithner Ready for Prime Time?, by Larry Kudlow

Overall I’m still bullish on the Financials. I think the reaction Tuesday was deserved, but likely a bit over blown. I really don’t think the situation is as bad as it feels anymore and I expect to see that play out over the coming weeks and months. However, I will be trimming back my exposure to individual institutions and replacing those positions with ETFs in order to lower my risk a bit.

This post originally appeared at: Clear Trades. Follow me on Twitter

The Geithner Broad Outline, Not Really a Plan, Speech